Portland, Ore.—Alliance Residential Co. has closed on a 0.7-acre site in Portland‘s Pearl District for $5.8 million. The company is building a 147-unit, market-rate apartment building, Broadstone Reveal, on the site at 1400 NW Raleigh. The seller was Diller Properties LLC.
The location is three-quarters of a block at the far north end of the district. A small warehouse (20,000 square feet) dating from the 1920s, and a 10,000-square-foot garage dating from the 1940s, have been demolished to make way for the new development.
1400 NW Raleigh is near the junction of Interstate 405 and Oregon State Route 30, on the southwest end of the Fremont Bridge. Besides rental apartments, the project will also feature ground floor retail.
“The Pearl offers urban-centric living with transportation options,” said Dan McCadden, managing director for Alliance Pacific Northwest. “Our planned residences will be significantly larger than most, and our top-floor resident amenity package will be unique in the market.”
Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets in Portland represented the seller in the deal. Alliance is no stranger to the Portland apartment market. Its other metro region properties include The Wyatt in Northwest Portland and LionsGate South in Hillsboro.